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Soybeans end higher

Updated: 02/21/2013 @ 3:53pm

DES MOINES, Iowa (Agriculture.com)--A bearish outlook on U.S. 2013 acreage and prices released from the USDA's annual Ag Outlook Conference helped keep the lid on any solid gains for the CME Group's corn and wheat markets Thursday. Demand helped soybeans finish higher.  

The March futures corn contract settled 9 cents lower at $6.90. The March soybean futures contract finished 5 cents higher at $14.87. March wheat futures ended 17cents lower at $7.21 per bushel. The March soyoil futures contract closed $0.76 lower at $51.31. The March soymeal futures settled $3.70 per short ton higher at $437.30. 

In the outside markets, the NYMEX crude oil is $2.21 per barrel lower, the dollar is higher and the Dow Jones Industrials are 46 points lower.

Jack Scoville, PRICE Futures Group says the markets are moving based on the demand for soybean meal. "It's very strong!  It is the strength of the market, and also the harvest delays and slower than wanted shipping pace in South America supporting nearby soybeans."  The rest is lower with specs the big sellers today, he says.  

"Farmers still seem to be quiet for the most part.  Part of the selling in response to the outlook conference and the big USDA estimates which was not a big surprise. Lots of talk of risk off selling in my office today," Scoville says.

See more on USDA's Ag Outlook Conference.

The USDA delayed its weekly Export Sales Report until Friday, due to the President's Day Holiday.

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